Missouri 2007 Personal and Per Capita Income

According to revised data from the U.S. Bureau of Economic Analysis (BEA), Missouri’s personal income rose by 4.3 percent in 2007 to over $199 billion. The state’s growth rate was below the U.S. increase of 6.1 percent that brought the nation’s personal income to over $11.6 trillion last year.

Personal income is defined as the income received by all persons from participation in production, from government and business transfer payments, and from interest. Personal income is measured before the deduction of taxes and is reported in current dollars.

California led the nation in total personal income with more than $1.5 trillion. New York, Texas, Florida, and Illinois round out the top five. South Dakota, Alaska, Wyoming, Vermont, and North Dakota reported the lowest personal income totals. Missouri ranked 21st in total personal income in 2007.

Missouri had the 3rd highest total personal income when compared to surrounding states. Only Illinois ($526 billion) and Tennessee ($205 billion) ranked higher.

Personal income increased in all states in 2007, with only eleven states reporting a growth rate of less than 5 percent. Wyoming had the fastest growth rate at 17.7 percent while Michigan had the lowest growth rate at 1.4 percent.

2007 Personal Income

Top 25 States (Millions)

State

Personal Income ($)

Rank

Percent Change

United States

11,631,571

N/A

6.1%

California

1,519,875

1

5.9%

New York

900,511

2

6.1%

Texas

884,601

3

7.3%

Florida

699,314

4

5.4%

Illinois

525,919

5

7.0%

Pennsylvania

481,641

6

5.5%

New Jersey

427,674

7

5.8%

Ohio

395,710

8

3.8%

Michigan

345,885

9

1.4%

Virginia

320,522

10

6.0%

Georgia

318,950

11

6.4%

Massachusetts

316,954

12

6.4%

North Carolina

305,023

13

6.5%

Washington

265,605

14

9.1%

Maryland

262,072

15

6.6%

Minnesota

212,941

16

6.3%

Indiana

210,358

17

3.4%

Arizona

208,545

18

5.9%

Tennessee

205,469

19

5.3%

Wisconsin

203,008

20

6.0%

Missouri

199,773

21

4.3%

Colorado

199,414

22

6.0%

Connecticut

192,570

23

8.2%

Louisiana

153,570

24

14.2%

Alabama

149,949

25

5.7%

Per Capita Personal IncomePer capita personal income in Missouri increased 3.6 percent in 2007 to $33,984. Nationally, per capita income increased 5.0 percent to an average of $38,564. Per capita income is defined as total personal income divided by total population.

Connecticut led the nation in per capita income at $54,984 followed by New Jersey ($49,238), Massachusetts ($49,142), Wyoming ($47,038), and New York ($46,664). Mississippi had the lowest per capita income at $28,527. Missouri ranks 34th in per capita personal income.

Missouri ranked 6th in per capita income compared to the surrounding states of Illinois ($40,919), Kansas ($36,483), Nebraska ($36,189) Oklahoma ($34,910), and Iowa ($34,796) had higher per capita income.

Per Capita Personal Income

State

2006($)

2007($)

Percent change 2006-2007

State

2006($)

2007($)

Percent change 2006-2007

United States

36,714

38,564

5.0%

Missouri

32,789

33,984

3.6%

Alabama

30,894

32,401

4.9%

Montana

30,790

33,145

7.6%

Alaska

38,138

39,934

4.7%

Nebraska

34,440

36,189

5.1%

Arizona

31,936

32,900

3.0%

Nevada

38,994

39,649

1.7%

Arkansas

28,473

30,100

5.7%

New Hampshire

39,753

41,444

4.3%

California

39,626

41,580

4.9%

New Jersey

46,763

49,238

5.3%

Colorado

39,491

41,019

3.9%

New Mexico

29,929

30,604

2.3%

Connecticut

50,762

54,984

8.3%

New York

44,027

46,664

6.0%

Delaware

39,131

40,058

2.4%

North Carolina

32,247

33,663

4.4%

Florida

36,720

38,316

4.3%

North Dakota

32,763

35,955

9.7%

Georgia

32,095

33,416

4.1%

Ohio

33,320

34,509

3.6%

Hawaii

37,023

39,060

5.5%

Oklahoma

32,391

34,910

7.8%

Idaho

29,920

31,703

6.0%

Oregon

33,299

35,027

5.2%

Illinois

38,409

40,919

6.5%

Pennsylvania

36,825

38,740

5.2%

Indiana

32,288

33,152

2.7%

Rhode Island

37,523

39,712

5.8%

Iowa

33,038

34,796

5.3%

South Carolina

29,767

31,048

4.3%

Kansas

34,799

36,483

4.8%

South Dakota

32,030

35,664

11.3%

Kentucky

29,729

30,787

3.6%

Tennessee

32,172

33,373

3.7%

Louisiana

31,821

35,770

12.4%

Texas

35,166

37,006

5.2%

Maine

32,095

33,962

5.8%

Utah

29,406

30,090

2.3%

Maryland

43,788

46,646

6.5%

Vermont

34,871

37,446

7.4%

Massachusetts

46,299

49,142

6.1%

Virginia

39,540

41,561

5.1%

Michigan

33,788

34,342

1.6%

Washington

38,212

41,062

7.5%

Minnesota

38,859

40,969

5.4%

West Virginia

28,206

29,293

3.9%

Mississippi

27,028

28,527

5.5%

Wisconsin

34,405

36,241

5.3%

District of Columbia

57,746

61,397

6.3%

Wyoming

40,655

47,038

15.7%

The fastest per capita personal income growth was in Wyoming, increasing by 15.7 percent, followed by Louisiana (12.4%), South Dakota (11.3%), North Dakota (9.7%), Connecticut (8.3%), and Oklahoma (7.8%). Michigan had the lowest growth at 1.6 percent. Missouri reported a growth rate at 3.6 percent.

All per capita personal income estimates are in current dollars (not adjusted for inflation).
Source: U.S. Bureau of Economic Analysis